JAKARTA- Indonesia’s January trade surplus is expected to have narrowed slightly from the previous month as imports rose while exports continued to contract, a Reuters poll showed on Tuesday.
The poll, which surveyed 18 economists between Feb. 6 and Feb. 13, indicated a trade surplus of $2.99 billion for January, compared with $3.30 billion in December.
Shipments from Southeast Asia’s largest economy have been hit in recent months by weakening global demand and declining prices of its top commodities such as coal and palm oil.
Exports in January were seen contracting 2.70 percent year-on-year, compared with a 5.76 percent drop in the previous month.
Imports were expected to have increased 1.30 percent in January compared to the previous year, following a 3.81 percent drop in December.
Indonesia filed a complaint at the World Trade Organization against the European Union for its import duties on fatty acids, the global trade watchdog said on Monday.
The filing said that the EU measures were inconsistent with WTO rules. Fatty acids which use palm oil as a key raw ingredient are found in both consumer products like cosmetics and medicine and industrial lubricants.
The European Union said in January 2023 that it would begin imposing duties of between 15.2 percent and 46.4 percent on Indonesian imports which it said was harming EU industry. -Reuters
